Estate

Britney Spears Conservatorship Battle with Her Father Continues

In Britney Spears ongoing conservatorship battle a Los Angeles court has declined an application from Spears asking to remove her father James Spears from the conservatorship of her estate, reports NBC News in the recent article “Britney Spears loses bid to remove father from conservatorship, refuses to perform.” The singer’s father has been her sole conservator in 2019, after attorney Andrew Wallet resigned from his role as co-conservator.

Britney Spears Conservatorship
Britney Spears conservatorship battle continues.

Superior court judge Brenda Penny declined to suspend James Spears from his conservatorship in a hearing in a Los Angeles court. She did not rule out the possibility of considering any future petitions for his removal or suspension.

Britney Spears’ attorney, Samuel D. Ingham III, informed the judge that the singer is afraid of her father and has said that she will not perform again as long as her father is in charge of her career.

The financial company Bessemer Trust has been appointed as co-conservator.

James Spears’ lawyer has argued that in the time he has been in charge of her estate, Britney Spears’ net worth has changed from being in debt to a net worth reaching $60 million.

In addition to the conservatorship battle being waged in court, there is also an online campaign named #FreeBritney. The campaign maintains that the singer is being controlled by her father, despite her wishes to be an emancipated adult.

James Spears became his daughter’s conservator following a mental breakdown in 2007, which was widely covered in the media. An acting conservator, Jodi Montgomery, has stepped in to help Spears.

James has been critical of the #FreeBritney movement, comparing supporters to conspiracy theorists.

Britney has requested that her father be removed from his role as conservator earlier this year, but his conservatorship has been extended until February 2021.

This past September, James also withdrew his legal battle to rehire estate manager Andrew Wallet, who Britney Spears said was “uniquely unsuited” during his first period of service.

He worked from 2008-2019 as a co-conservator, but Britney said that she could not afford his services.

Wallet subsequently claimed that Britney Spears conservatorship would likely need to continue for the rest of her life.

Reference: NBC News (Nov. 11, 2020) “Britney Spears loses bid to remove father from conservatorship, refuses to perform”

What Does an Executor Do?

Being asked to serve as the executor of a loved one’s estate is flattering, but it is also a big responsibility and a lot of work. So, what does an executor do? As the executor, you are responsible for taking care of all of the financial and legal matters of the estate, explains the article “An executor’s guide to settling a loved one’s estate” from Review Times. The job will require a lot of time and, depending upon the complexity of the estate and the family situation, could be challenging.

What does an executor do
The job of being an executor has many aspects.

Some of the tasks include:

  • Filing court papers to start the probate process to determine whether the will is valid.
  • Making a complete inventory of everything in the estate.
  • Obtaining an estate tax ID number, opening an estate bank account and using the estate funds to pay bills, including funeral costs and medical bills.
  • If the estate includes a home, maintaining the home and paying the mortgage, taxes, etc.
  • Terminating credit cards, notifying banks and government agencies—including Social Security—and the post office.
  • Preparing and filing income tax returns for the last year of the person’s life, unless they filed them already, and for the estate.
  • Distributing assets, as directed by the will.

Your first task is to locate the will and any important documents and financial information. You will need the will, deeds, titles, brokerage statements, insurance policies, etc.

If the estate is complicated, you will want to work with an estate planning attorney, who can guide you through the process. The estate pays for the attorney, and you work closely with them. Every state has its own laws and timetables for the executor’s responsibilities, which the attorney will be familiar with.

If possible, find out if there are any family conflicts, before the loved one passes. If there are potential problems, it may be better for the loved one to tell who will be inheriting what before they die. If there is no plan for asset distribution, the person who is asking you to be the executor needs to meet with an estate planning attorney as soon as possible and have a plan created, with all of the documents necessary for your state.

The executor is entitled to be paid a fee, which is paid by the estate. In most states, that fee is set at a percentage of the estate’s value, depending on the size and complexity of the estate. If you are both an executor and a beneficiary, you may want to forgo the fee, because fees are taxable, but in most states, inheritances are not.

Reference: Review Times (Sep. 6, 2020) “An executor’s guide to settling a loved one’s estate”

What’s Happening with Tom Petty’s Estate?

Tom Petty’s widow, Dana York Petty, planned to include unreleased tracks from her late husband’s celebrated 1994 solo album as part of a 25th anniversary edition box set.

However, Tom’s daughters Adria and Annakim, his children from a previous marriage, have blocked the release, according to iHeartRadio’s article, “Tom Petty’s Widow, Daughters Battling Over His Estate.”  

Dana says the daughters are interfering with her ability to manage Tom’s legacy. She’s reportedly requested that a judge name a day-to-day manager for the estate.

Adria argues that she and her sister were promised an equal share of control in their father’s estate, according to his will. She says her father’s “artistic property” was supposed to be placed into a separate company to be jointly administered by the three women. However, Dana disagrees.

Annakim seems to reference the battle in a recent Instagram post. She displayed a photo of her father with the caption, “We don’t sell out. No Vampires 2019.”

A subsequent reply in the comments section mentions Petty’s will.

Wildflowers was initially designed to be a double album, with Petty completing more than 25 songs in the initial sessions. However, he was convinced by his record label to take some some songs off for the final version.

Throughout the years, a few of the extra songs were released on various collections. However, Tom never relinquished his idea of releasing the set as a double LP.

Petty was reportedly planning a Wildflowers tour, before his death in October of 2017, to showcase all the leftover material.

Reference: iHeartRadio (April 3, 2019) “Tom Petty’s Widow, Daughters Battling Over His Estate”

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